Morning Report
The pair reversed to the downside, attempting to breach the 120.80 retest level. Now, there is a bearish technical pattern with neckline at 120.45, breaching this level opens the door toward 119.10. Stochastic supports the negative expectations which require stability below 122.10.
The trading range for the day may be among the 118.10 support and 122.10resistance.
The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.
| Support | 120.80 | 120.45 | 120.00 | 119.75 | 119.10 |
| Resistance | 121.30 | 121.80 | 122.10 | 122.60 | 123.35 |
| Recommendation | Based on the charts and explanations above we recommend selling the pair with hourly closing below 120.45 targeting 119.10 and stop loss with hourly closing above 121.50 might be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
The resistance of the descending channel halted the pair's upside attempts, thus the pair reversed to trade back below the 50 EMA affected by negativity on Stochastic as well. Therefore, we expect an intraday downside move for today targeting 104.95 and 104.45, and breaching 104.45 will open the door towards 102.60. In general, stability below 106.30 is required for our expectations to remain valid.
The trading range for the day may be among the 102.60 support and 106.30 resistance.
The short term trend is to the downside targeting 94.80 so long as 123.30 remain intact.
| Support | 104.95 | 104.45 | 104.00 | 103.15 | 102.65 |
| Resistance | 105.60 | 106.30 | 107.00 | 107.60 | 107.90 |
| Recommendation | Based on the charts and explanations above we recommend selling the pair with hourly closing below 104.95 targeting 103.15 and stop loss with hourly closing above 105.60 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
The pair is fluctuating around the retest level that we mentioned yesterday at 0.8720, while Stochastic is gaining positivity over daily basis. Therefore, we maintain our intraday bullish outlook counting on stability above the previously breached resistance of the correctional channel. Taking into consideration that breaching the aforementioned level will send the pair toward 0.8625.
The trading range for the day may be among the 0.8625 support and 0.8910 resistance.
The short term trend is to the upside targeting 1.0370 so long as 0.8165 remain intact.
| Support | 0.8720 | 0.8685 | 0.8625 | 0.8590 | 0.8530 |
| Resistance | 0.8805 | 0.8845 | 0.8910 | 0.9000 | 0.9035 |
| Recommendation | Based on the charts and explanations above we recommend buying the pair around 0.8720 targeting 0.8910 and stop loss with four-hour closing below 0.8685 may be appropriate. | ||||
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